The low volatility environment in the Forex market didn’t provide any profitable trading chance Monday.
The EUR/USD was confined to a very tight trading range between 1.1880 and 1.1850. Above 1.1910, bulls may want to try a test of 1.1950 but traders should not expect too much in thin summer markets.
The GBP/USD finally broke above 1.3865 and could now be heading for a test of 1.3930. A short-term support is seen at 1.3850.
Summer is in the markets and given a lower-liquidity backdrop across many markets during the summer months the potential for range-bound conditions is high. We therefore recommend traders staying on the sidelines during these low-liquidity periods, taking a break from the markets and adjusting risk exposure. The next major risk event will be later in the summer with the Jackson Hole Economic Symposium August 26-28.
We will take our annual summer break from August 2 to August 20 but will adjust risk exposure even in the month of July.
We wish you good trades!
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